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AGENDA ITEM 7C STAFF ORIGINATOR: James E. Studenski, City Engineer COUNCIL MEETING DATE: October 27, 2003 TOPIC: Resolution No. 03 - 185, Approving Development Agreement, Ravens Hollow Vote Required: Simple Majority BACKGROUND: The City Council approved the preliminary plat of Ravens Hollow on July 9, 2003 and authorized execution of a grading only development agreement on October 13, 2003. Ravens Hollow Subdivision consists of 56 units of residential development. In accordance with the preliminary plat approval and City policy staff has prepared a Development Agreement for Ravens Hollow Subdivision. The agreement provides for the following: 1. Submittal by the developer of a Letter of Credit in the amount of $1,063,000.00 representing 150 percent of the development improvement costs and a Letter of Credit in the amount of $100,750.00 representing 35 percent of the City improvement costs to insure completion of the project in accordance with the approved plans. 2. Deposit of a cash escrow in the amount of $239,500.00 to reimburse the City for costs incurred by the City related to the development and improvements of the site and developer improvements. KG Development, Inc. has reviewed the contract and is aware of the conditions set forth. OPTIONS: 1. Return to staff for further review. 2. Adopt Resolution Number 03 -185, Approving Development Agreement, Ravens Hollow. 3. Not adopt Resolution Number 03 —185. RECOMMENDATION: Option No. 2 - Staff recommends that Resolution Number 03 -185 be adopted.